Queensland State-Owned Coal Generator Looks to Renewables
Solar Citizens today congratulates Queensland’s state-owned generator Stanwell for moving quickly to identify high quality renewable energy projects that could be added to their portfolio.
Stanwell Corporation is undertaking an expression of interest process, following the State Government’s allocation of $500 million to the Renewable Energy Fund for more publicly-owned clean energy generation.
“For decades Queenslanders have voted to keep the majority of the electricity system in public hands, but so far it has mainly been the private sector that has seized the opportunities to develop and operate new solar, wind and storage plants,” said Solar Citizens’ National Director Ellen Roberts.
“Labor’s $500 million Renewable Energy Fund was a very welcome first step, however we’ll need to see a lot more investment in publicly-owned solar, wind and storage projects as coal assets edge closer to retirement.
“We’ve just recently seen the state’s coal and gas assets decrease their value by a whopping $1 billion as more cheap solar and wind energy comes online. It’s likely that they’re heading for early retirement.
“The state-owned generators need to act fast to diversify their revenue to continue to provide returns for Queenslanders.
“Investing in more publicly-owned clean energy generation will deliver long-term rewards for all Queenslanders, as the profits go back to funding vital services like schools and hospitals.”